Uniper hires Goldman Sachs to sell its stake in LNG terminal

Reuters are reporting that Germany's Uniper has hired Goldman Sachs to sell its stake in a LNG terminal in Italy, a deal that could value the whole business at €1 billion.

Energy firm Uniper holds a 48.24% stake in the OLT terminal, while Italian utility group Iren owns 49.07%. The remaining 2.69% stake is held by US-based shipping group Golar LNG.

With a regulated asset base of about €900 million and 64% of revenues guaranteed, OLT shares characteristics with regulated power and gas grids that have met with strong interest from infrastructure investors.

The terminal is expected to attract established players, including Macquarie as well as First State Investments, the asset management arm of Commonwealth Bank of Australia.

Uniper's stake in OLT could be valued at approximately €500 million, putting a price tag of about €1 billion on the whole business with a capacity of 3.75 billion m3/year, approximately 4% of Italy's requirement.